Archive for May, 2009
Posted by linda in Mortgage Updates on May 29th, 2009
Hello All,
I am sure you have been hearing a lot of comments on the news and reading a lot about MORE changes in the mortgage industry! What does this mean to you? It means a number of things.
1st- For those who have lost value in your property and owe more on your mortgages than the value of your home, you may have an opportunity to refinance your current loan. It is called“Refi Plus Program”. This program is as a result of the Obama Administrations plan to help homeowners. There are guidelines to these products and not everyone will qualify. Please contact me and I will advise you as to your qualification or options that you may have. Please know that there are a lot of people out there promising a lot of things. Please be skeptical. If the lender is worth anything they will answer all of your concerns and help you to understand with out asking for anything in return. Anyone asking for money up front is a scam! Be careful and be wise.
2nd- The loan limit for High Balance loans has risen to $725,500. Up from $625,500. This is a good thing and the rates have seemed to stay the same as with the lower value.
3rd_ There is a new guideline that we all have to live with and that is that all appraisals are now ordered through the bank or lender. What does this mean???? It means that I order the the appraisal from the bank we choose to work with, you pay for it upfront to the bank and we don’t know what the value will be until we get it from the bank. These appraisals are taking a bit longer to get done now so I am advising my clients that we get the appraisals ordered and in before we lock our rate so we don’t lose a rate because an appraisal took too long.
Last- Rates have been very unstable this week and we believe they will stay that way next week. My advice for the next week or so is to sit tight and lock the rate if you like it but don’t wait too long.
Thanks for reading my blog and I appreciate your comments or questions. Know that I am hear for you.
After all, I am the Lender with YOUR best interest in mind.
Linda
Linda’s Mortgage Brief – May 05, 2009
Posted by linda in Mortgage Updates on May 15th, 2009
LINDA’S MORTGAGE BRIEF
May 05, 2009
Rates are extremely low right now and we’re seeing signs that we are reaching the bottom of the market. This means that rates will remain good for a period of time and then the trend might begin to turn. If you’ve been evaluating refinancing or purchasing, now is a perfect time to consider.
High balance loan amounts ($418,000-$625,500) is increasing to $729,500 for most lenders. There are only a few lenders that have changed at this point, but shortly most will convert to the new threshold. If you have been patiently waiting to refinance a larger loan, a window of the next few weeks would be a good time..
SHOULD I WALK AWAY FROM MY CURRENT MORTGAGE??
This is a very personal choice. My advice is to talk to your Mortgage Specialist and ask a lot of questions. We’re finding that the best approach right now is to communicate with your bank and see what programs they might have to assist you.
As always, if you have any questions or concerns, my door is always open. Call me at 408-802-1546
Linda
I am the mortgage specialist with YOUR best interest in mind!